UPDATE 1-Gerber Scientific Q1 beats Street; shares jump

Thu Aug 26, 2010 10:24am EDT

* Q1 EPS $0.06 vs est $0.02

* Q1 rev up 8 pct

* Sees rising demand from key geographic, market segments

* Shares jump 34 pct

Aug 26 (Reuters) - Gerber Scientific Inc GRB.N, a supplier of automated manufacturing systems, reported better-than-expected quarterly results, helped by rising orders and growth in Asian markets, sending its shares up as much as 34 percent.

"Orders in our fiscal first quarter and order backlog at the end of the quarter remain strong," said Chief Executive Marc Giles.

"We are seeing significantly increased demand from several of our key geographic and market segments," he said, adding that revenue from China spiked 70 percent during the quarter.

For the first quarter, the company earned $1.5 million, or 6 cents a share, compared with $0.5 million, or 2 cents a share, a year ago.

The company, which makes automated systems for the printing, apparel and eyeglass industries, said revenue increased 8 percent to $118.3 million.

Analysts on average were expecting earnings of 2 cents a share on revenue of $116.7 million, according to Thomson Reuters I/B/E/S.

South Windsor, Connecticut-based Gerber's shares, which have risen 37 percent in the last 12 months, were up 22 percent at $6.25 in morning trade on the New York Stock Exchange. They touched a high of $6.87 earlier in the session. Thursday's jump was the stock's biggest intra-day percentage gain since April 2009. (Reporting by Soham Chatterjee in Bangalore; Editing by Maju Samuel)

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